UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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Or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission File Number: 0-50523 |
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PHARMACOPEIA DRUG DISCOVERY, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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51-0418085 |
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(State
or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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P.O. Box 5350, Princeton, New Jersey |
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08543-5350 |
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(Address of principal executive offices) |
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(Zip Code) |
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(609) 452-3600 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Class |
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Outstanding at November 5, 2004 |
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Common Stock, $0.01 par value |
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12,303,978 |
PHARMACOPEIA DRUG DISCOVERY, INC.
Form 10-Q
Table of Contents
i
PART I - FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
Pharmacopeia Drug Discovery, Inc.
(Amounts in thousands, except share and per share data)
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September 30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
13,621 |
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$ |
524 |
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Marketable securities |
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26,803 |
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— |
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Accounts receivable |
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1,820 |
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2,302 |
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Prepaid expenses and other current assets |
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887 |
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1,159 |
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Total current assets |
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43,131 |
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3,985 |
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Property and equipment, net |
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11,228 |
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6,957 |
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Other assets |
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101 |
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110 |
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Total assets |
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$ |
54,460 |
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$ |
11,052 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
1,242 |
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$ |
2,809 |
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Accrued liabilities |
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2,503 |
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951 |
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Restructuring reserve, current portion |
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2,462 |
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— |
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Deferred revenue, current portion |
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2,751 |
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2,660 |
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Total current liabilities |
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8,958 |
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6,420 |
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Restructuring reserve, long-term |
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1,480 |
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— |
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Deferred revenue, long-term |
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— |
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325 |
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Stockholders’ equity: |
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Preferred Stock, $.01 par value, 2,500,000 shares authorized, none issued and outstanding |
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— |
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— |
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Common Stock, $.01 par value, 50,000,000 shares authorized, 12,280,556 and 12,181,471 shares outstanding at September 30, 2004 and December 31, 2003, respectively |
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123 |
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— |
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Additional paid-in capital |
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49,425 |
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— |
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Deferred compensation |
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(294 |
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— |
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Accumulated deficit |
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(5,109 |
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— |
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Accumulated other comprehensive loss |
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(123 |
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— |
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Investment by Accelrys, Inc. |
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— |
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4,307 |
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Total stockholders’ equity |
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44,022 |
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4,307 |
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Total liabilities and stockholders’ equity |
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$ |
54,460 |
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$ |
11,052 |
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See accompanying notes to these unaudited financial statements.
1
Pharmacopeia Drug Discovery, Inc.
(Amounts in thousands, except share and per share data)
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For the Three Months |
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For the Nine Months |
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2004 |
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2003 |
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2004 |
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2003 |
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(unaudited) |
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(unaudited) |
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Revenues |
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$ |
6,376 |
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$ |
7,422 |
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$ |
16,852 |
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$ |
21,957 |
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Cost of revenue |
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5,244 |
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5,535 |
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15,779 |
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16,707 |
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Gross margin |
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1,132 |
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1,887 |
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1,073 |
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